How To Transfer Thrift Savings Plan To A Gold IRA Company Account Safely
Thrift Savings Plan or TSP is an investment plan for a military member or federal employee. The function of this investment plan is to safeguard your retirement fund against inflation, recessions, monetary devaluations, and economic collapse. Learn how to transfer the Thrift Savings Plan to a gold IRA company account below.
2 Popular Methods On How To Transfer Thrift Savings Plan To A Gold IRA Company
1. Rollover Method
The first method to transfer Thrift Savings Plans to a gold IRA is rollover. In this method, you are withdrawing your money from the TSP and taking it into one or more IRAs. Ensure that the deposit is a rollover rather than a contribution. The latter is limited to $6.000 a year or $7.000 a year if you are older than 50 years old. Make sure that you finish the process within 60 days. If it is not, the IRS treats the money as a withdrawal. It means that you have to pay a tax penalty.
2. Direct Method
Direct method or a trustee-to-trustee transfer is another alternative on how to transfer Thrift Savings Plan to a Gold IRA company account. In this method, you are about to move the TSP assets or cash directly to one or more IRAs. You don’t touch the money during and after the transferring process. The money goes directly into the new account. The difference between the rollover method and the direct method is that you don’t need to worry about the tax penalty with the direct method. You only have to make sure that you are using a trusted and professional gold dealer to complete the TSP transfer to a gold IRA.
An Example of Professional Gold Dealer
You may get confused to find a reputable gold IRA company or dealer to transfer your Thrift Savings Plan to a gold IRA. Augusta Precious Metals is one of the reputable gold IRA companies you can use to complete your investment plan. Follow the instructions below to start the transfer process.
Visit the Official Website
Go to the official website of Augusta Precious Metals here. Then, fill out the online form. You don’t need to worry, this process only takes you a few minutes. The company needs your information to approve your request to transfer TSP to a gold IRA.
The Company Processes Your Request
The team of this company will process your request. They are ready to guide you to move your funds to a gold IRA. Be ready if they ask something for any additional information they need to complete the process.
The Team Transfer Your Fund
The team will transfer your fund once they approve the request. You follow the process by yourself or let the team of this company work with your custodian. No matter the accounts, this company will help you to transfer the funds into your new IRA account.
Process Your Order
They will process your order once they receive the funds. The process depends on the type of metals you want to buy. That’s it. You will receive your gold IRA immediately.
Now, you are not only learning how to transfer Thrift Savings Plan to a gold IRA company account, but also know one of the gold IRA companies that can help you. You can invest in a gold IRA right away with the right and safe process.